Here are some practical ways to put your business into overdrive:
1. Have a reality check and analyze your business's current status. Establish key metrics, review the competitive landscape, understand your review margins and cash flow, use online analytics, consider customer surveys, and check previous additions from your old business plan. If your analysis suggests that your business is in bad shape, you will need to formulate strategies to get back on track and to realize your business' goals.
2. Open another location. Well, what other way to boost your business than to expand it? However, you can only take this step if you are 100% sure that you have maintained consistent bottom-line profits and there is a steady growth for the last 2 years. Things to consider are the locations, forming a new management team, and financial backing.
3. Open your business for franchise. This is another great way to grow your business. If you have already established a following or if your products are known to sell like hotcakes while in the online or offline arena, you can open your business for franchising. People will pay you good money just to use your business name and sell your products.
4. Tie up with other business owners. You can work together with business owners who are selling products or services that compliment yours to boost your sales and revenue. For example; If you are offering swimming lessons, you can tie up with those people who are selling swimming gears. When your prospects sign up with your services, they can get discounts with your partners and vice versa. This can certainly help you attract more interested clients in no time.
5. Export your products off shore. This is another way to boost your sales and revenue. You may consider selling your items to other points of the globe. However, before you do this, you will need to do thorough research to make sure that your products will sell well abroad and that this can bring more profits to your business.
6. Explore other markets. Ask yourself, are there other people (near your target market) who might be interested on what you offer? You might need to tweak your products or services a bit so you can make them look more enticing and valuable to other people.
7. Win a government contract. This will surely put your business into overdrive. Did you know that that US government is the largest buyer in the world? In 2002 alone, it has spent $ 235 billion on goods and services. …